It looks fine..just adds a step to copy and paste..needing to go to a text editor to get the color back. I do like the look.

Just for fun, here are some of the colors, colors, colors, colors, colors, colors, colors.
I started with the "magenta" on second row from bottom and worked across that line.  The gray seems to work ok, too.  With the gray, you can see text in the text box once the color is indicated.  That makes copy and paste a bit easier, too.   Only a thought to share.     

TomDart.